On November 27, sources revealed that discussions within CICC's internal circles hinted at the imminent distribution of year-end bonuses, with some employees mentioning confidentiality agreements—a sign often interpreted as a precursor to bonus announcements. Many speculated that CICC, following CITIC Securities, would soon disclose its bonus plan, with some even anticipating a substantial payout given the confidentiality measures.
However, skeptics argued that non-disclosure agreements are standard corporate practice and not necessarily linked to bonuses. Industry insiders noted that even if bonuses were issued, they would likely be significantly reduced compared to previous years.
As expected, CICC distributed its 2024 year-end bonus last Friday, delayed by nearly a year. Bloomberg reported that the postponement was due to industry-wide salary adjustments and CICC's ongoing acquisition-related matters. According to sources, the bonus amounts to approximately two to three months of base salary, though some employees had earlier suggested a range of one to two months. Online rumors of six or even 24 months' worth of bonuses were dismissed as exaggerated.
Several CICC employees confirmed receiving only two months' salary as a bonus, with some noting that last year's payout (for 2023 performance) was even less than two months.
Despite the modest bonus figures, CICC's financial performance exceeded expectations. Data from the first three quarters of the year showed revenue surpassing RMB 20 billion, exceeding the peak levels of 2021, while net profit reached RMB 6.567 billion, second only to 2021's high.
Breaking it down, CICC reported remarkable growth in Q3, with revenue surging 74.78% year-on-year to RMB 7.933 billion and net profit attributable to shareholders skyrocketing 254.93% to RMB 2.236 billion. For the first nine months, revenue rose 54.36% to RMB 20.761 billion, and net profit jumped 129.75% to RMB 6.567 billion, already surpassing the full-year 2023 results.
The current bonus structure for brokerage employees appears less tied to performance and more influenced by other opaque factors, especially after the controversy surrounding CICC's high-profile RMB 80,000 monthly salary incident.
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